Biweekly Market Report (2020/12/01~2020/12/14)
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BTC/USDT (Binance)
19,600 (12/01) → 18,300 (12/02) → 17,700 (12/11) → 19,300 (12/14) is a summary of the price movements of Bitcoin futures (Binance) for the past two weeks.
All price data were collected on 12/14 18:00
At the end of November, BTC no longer exhibited the bull market pattern that began in October, but a large V-shaped trend appeared. And following the V-shaped trend, BTC broke through a new historical high (as shown in Figure 1-A) and reached 19,956 USDT, but it failed to challenge the 20,000 USDT mark when it experienced an immediate small decline. A consolidation period began and lasted about a week (Figure 1-B). On 12/8, BTC experienced a continuous decline, dropping to around 17,600 USDT (Figure 1-C). However, the price immediately rebounded in a V shape and returned to the original level (Figure 1-D).
ETH/USDT (Binance)
605 (12/01) → 531 (12/09) → 580 (12/14) is a summary of the price movements of Ethereum futures (Binance) for the past two weeks.
All price data were collected on 12/14 18:00
The trend of ETH in the past two weeks is simpler than that of BTC. After experiencing a large V-shaped trend at the end of November, ETH began to show a consolidation trend (Figure 2-A) until 12/8. There has been a continuous decline (Figure 2-B), but immediately on 12/11, the price rose and returned to the original level (Figure 2-C).
Binance mainstream crypto trend analysis
Other than BTC, mainstream crypto have fallen by 2–22% in the past two weeks. The decline in the overall crypto market is a big bullish correction. If BTC or ETH continues to attack upwards, there is a chance either of which leads the overall market to the next high point. Most crypto have seen a significant increase after 12/12. Only XRP has continued to decline slowly due to airdrop market factors. XRP was the biggest loser in this period, marking a decline at 21.38%.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
In addition to the downward correction of mainstream crypto, the funding rate and lending market also underperformed, indicating low interest from investors to enter the market. In the short term, the market may not have huge fluctuations. If investors are biased towards consolidation, they can short MOVE contracts to lock in profits.
This article expresses an independent view of Bincentive. Bincentive is not responsible for investment profits and losses, and investors should carefully consider various investment risks.
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